Fundamental Global Inc. (Nasdaq: FGF) has filed a shelf registration with the U.S. Securities and Exchange Commission allowing it to offer up to $5 billion in securities over time, a move that could position the company to significantly expand its Ethereum holdings. The Form S-3 filing gives the Charlotte-based investment firm flexibility to issue various securities, including common stock, preferred shares, warrants, and debt, in one or multiple tranches. While the company has not committed to raising the full amount or specified exact timing, the prospectus notes that proceeds may be allocated toward its recently announced Ethereum treasury strategy. In late July, Fundamental Global disclosed a $200 million private placement earmarked for acquiring ETH, staking, and participating in decentralized finance to maximize Ethereum per share. Shelf Registrations Shelf registrations enable issuers to pre-register securities with the SEC, letting them raise capital quickly when market conditions are favorable. This filing includes an “at-the-market” component for up to $4 billion in stock sales through ThinkEquity. If deployed toward ETH, the full $5 billion would dwarf current publicly disclosed Ethereum treasuries, including SharpLink Gaming and Ether Machine. These entities are part of a growing class of publicly traded “Ethereum treasury companies” modeled loosely on MicroStrategy’s Bitcoin playbook. The strategy aims to give investors equity exposure to ETH while generating additional returns through staking and DeFi activities. Whether Fundamental Global will ultimately commit the entire $5 billion capacity to Ethereum remains uncertain, but the filing underscores mounting institutional interest in holding the asset directly on corporate balance sheets.